Pea protein: Key market research findings
- North America dominates the market geographically
- Textured pea protein accounts for a majority of the market’s revenue
- Key vendors – Burcon, Cosucra, Nutri-Pea, Roquette, and Sotexpro
Technavio’s market research analysts predict the global pea protein market to grow at a CAGR of around 9% between 2016 and 2020. The demand for pea protein in the market is spurred by its easy digestibility and suitability for people with food intolerances and allergies. During 2015, North America dominated the global pea protein market by accounting for almost 36% of the overall market share. The general shift toward healthier food choices in the region is fueling growth in the pea protein market in North America during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of pea protein segments based on the product type.
“The use of pea protein as an alternative source of protein is the latest trend in the market. It is widely used as an alternate for fish and soy protein because of the presence of high-quality and highly digestible proteins and amino acids. Dried peas and similar products such as pea fiber, starch, and protein concentrates are widely used in a range of pet nutrition products available in the market,” says Vijay Sarathi, Lead Analyst, Food & Beverages, Technavio Research.
The textured pea protein was the largest segment of the market in 2015, accounting for a market share of more than 34%. Popularly known as a meat extender, textured pea protein is used to partially substitute meat in burgers, chicken nuggets, and meatballs. Textured pea protein can be further classified as dry textured and wet textured. Textured pea protein is increasingly added to dietary supplements and beverages owing to its high fiber content.
The key vendors in the global pea protein market include Burcon, Cosucra, Nutri-Pea, Roquette, and Sotexpro. The global pea protein market is highly fragmented because of the presence of numerous small and large vendors. The providers in the market compete on the basis of price, quality, innovation, service, reputation, distribution, and promotion. High competition has led to partnerships between vendors, and this trend is likely to continue over the next four years.
A more detailed analysis is available in the Technavio report, Global Pea Protein Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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